Dispositions, Real Property Held for Sale and Impairment (Tables)

6 Months Ended

Jun. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Summary of Real Property Disposition Activity

The following is a summary of our real property disposition activity for the periods presented (in thousands):

	Six Months Ended
	June 30, 2025		June 30, 2024
Real estate dispositions:(1)
Seniors Housing Operating	$	471,786	$	353,290
Triple-net	181,988		170
Outpatient Medical	5,541		39,567
Total dispositions	659,315		393,027
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net	66,627		171,150
Net other assets/(liabilities) disposed	335		(78)
Non-cash consideration(2)	(315,468)		(434,326)
Cash proceeds from real estate dispositions	$	410,809	$	129,773

(1) Dispositions occurring in the six months ended June 30, 2025 include the disposition of unconsolidated equity method investments related to our Chartwell joint ventures. See disclosure below for further information. Dispositions occurring in the six months ended June 30, 2024 include the disposition of unconsolidated equity method investments that owned six Seniors Housing Operating properties and one Outpatient Medical property.

(2) Non-cash consideration for the six months ended June 30, 2025 includes the value of the equity method investment attributed to the 16 sold Chartwell properties and the value of our contribution of ten consolidated properties to Seniors Housing Fund I LP (the "Fund") inclusive of deferred consideration subsequently received in July 2025. See Note 8 for additional details related to the Fund formation and investment.